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Key Personnel

John Antonuk

Robert Stright

Charles H. King

Lawrence Koppelman

Randall Vickroy

Donald T. Spangenberg, Jr.

John B. Adger, Jr.

Alan J. Salzberg

Christine Kozlosky

Dennis Kalbarczyk

Mark Lautenschlager

Phillip S. Teumim

Yavuz Arik

Randy Vickroy has served as Liberty’s lead financial consultant, beginning with Liberty more than ten years ago.  His professional experience in the finance area spans 25 years, with the first 12 coming as a financial manager for a large combined electricity and gas utility.  Randy has performed engagements for Liberty in over 25 states.  His work with Liberty spans electricity, natural gas, and telecommunications utilities, as well as competitive suppliers.

His work for Liberty has covered the following subject areas:

  • Corporate finance and treasury management
  • Capital markets and financing vehicles
  • Utility-industry restructuring
  • Utility rates and pricing
  • Non-utility lines of business and affiliations
  • Strategy development and planning
  • Asset valuations, acquisitions, and divestiture
  • Capital and expense budgeting and forecasting
  • Corporate resource allocation; and financial and economic analysis
  • Project financing
  • Holding-company structure and operations
  • Utility financial separation
  • Financial controls
  • Cost allocation and assignment
  • Credit management and analysis

Randy holds an M.B.A., Finance, from the  University of Denver and a bachelor’s degree in business administration from Monmouth College 

Project Highlights

Randy examined financial management, capital structure, credit, and ratemaking issues in a focused examination of holding company, utility, and affiliate operations at NUI, a New Jersey natural-gas distribution company. He examined similar issues in Liberty’s focused examination of PSE&G, another New Jersey electricity and natural-gas supplier and one of the country’s largest. He evaluated the holding company’s consolidated finance functions to determine whether the financial integrity, flexibility, and cost of capital of the regulated utility had been adversely affected by the activities of diversified affiliates.  The focus of the work included long-term financing, cash management, direct and indirect credit support mechanisms, investor relations, and all transactions between and among the affiliates.  Randy also served as Liberty’s finance lead in recent affiliate and competitive-service audits of all four of New Jersey’s electric utilities.

Randy played a key role in Liberty’s landmark review and analysis of financial and operating relationships and affiliate relations among Virginia Power, its parent, Dominion Resources, and other affiliates. He was responsible for reviewing utility and non-utility financing, governance, and the economic impacts of holding-company and affiliate activities on utility operations and costs.

Randy has examined finance and affiliate transactions at four other natural-gas distribution companies, and at two other electricity distribution utilities. As part of Liberty’s examination of Commonwealth Edison, another of the country’s largest utilities, he undertook an in-depth analysis of capital budgeting, resource allocation, project management, expenditure levels and rate-base impacts of operations leading up to, and in response to a series of major outages in Chicago during extreme summer weather conditions.

Randy has also conducted a number of financial and rate evaluations and analyses in the telecommunications industry.  He served as a lead consultant in Liberty’s review of the financial integrity and earnings of Verizon New Jersey’s local-service operations. He performed a comprehensive analysis of the financial status of Verizon New Hampshire, in order to assist in determining rate base, rates of return and appropriate adjustments for the test year. He has reviewed financial functions at Verizon local-exchange operations in Pennsylvania and the District of Columbia.

Randy has also assisted utilities in a number of strategic financial areas, including restructuring, procurement of third-party supply to provide default service, financial planning, acquisition and divestiture strategy, cost of capital, earnings, monitoring, and regulatory reporting.


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